Here's How Reliance Stocks Opened After Facebook Deal's Announcement

Just after the announcement of Facebook's investment in Mukesh Ambani-led Reliance Jio, the Reliance Industry has witnessed a rise in opening trade on Wednesday

Just after the announcement of Facebook's investment in Mukesh Ambani-led Reliance Jio, the Reliance Industry has witnessed a rise in opening trade on Wednesday. The Reliance Industries (RIL) opened the stocks on Wednesday morning at 1320 points, while it closed on Tuesday at 1236.05 points. Currently, the numbers show that the RIL's BSE stocks are up by 9.05 percent at 111.90 points, while the RIL's NSE stocks are up 8.97 percent at 111.00 points.

Meanwhile, after hitting a high of 30,856.14, the 30-share index was trading 130.78 points or 0.43 percent higher at 30,767.49. Similarly, the NSE Nifty advanced 17.50 points, or 0.19 percent, to 8,998.95. According to traders, the domestic market was lifted by heavy buying on the RIL counter after the USD 5.7 billion Facebook deal. Reportedly, the deal makes Facebook the largest minority shareholder in Jio Platforms-- a part of the RIL.

Facebook announces investment

Technology giant Facebook on Wednesday announced an investment worth Rs 43,574 crore in Mukesh Ambani-led Reliance Jio. The investment allows the American firm to pick up 9.99% in Jio. The RIL in a statement said that an agreement had been reached with Facebook for a major investment, which values Jio at Rs 4.62 lakh crore.

It stated that the investment is the "largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India". Further, it stated that it will accelerate "India’s all-round development, fulfilling the needs of Indian people and the Indian economy."